TRANSCRIPT FOR THE NOVEMBER 5, 2016 “ON THE MONEY” SHOW

Hosts: Judith Sanborn, CFP®, AIF® and Joe Bert, CFP®, AIF®

Yes indeed! Good morning! It’s an Ask the Experts Saturday Morning on WDBO and this is On the Money, brought to you by Orlando’s oldest and largest independent firm of certified financial planning professionals, that being the Certified Financial Group in Altamonte Springs. And with us this morning we have two of the 12 certified financial planning pros. Say good morning to Judi Sanborn–

Good morning.

Good morning, Judi Sanborn!

And the Oracle of Orlando, back in the studio once again with us, Joe Bert. <Inaudible>

Thank you!

Hey, Joe, in case anybody’s new to the program, what are you and Judi taking calls about?

Hey, Kirk, Judi and I are to take calls this morning <Inaudible> regarding anything that’s on your mind, regarding your personal finances. As we oftentimes say, unfortunately our educational system has failed us when it comes to teaching us how to save and invest for a financial future because the reality is at some point in time that paycheck will stop and what we will live on is Social Security plus whatever you’ve been able to save and invest over your working lifetime. And they don’t teach us how to do this stuff. We go through life trying some of this, trying some of that, and wake up one day when we’re 50 years old finding we have a collection of financial accidents, and until now it all comes together. So Judi and I and the other 10 certified financial planners of CFG do this for a fee. We try to sort through all the stuff that you’ve done throughout your working lifetime and try to just give you the path. So you don’t look back five or ten years from now and say, gee, I wish I’d have known, or gee, I’m sorry I did. And that’s what financial planning is all about, it’s how we’ve built this for more than the last 40 years, so Judi and I are here to take your calls about anything that’s on your mind regarding investing, about mutual funds and real estate and long-term health care and annuities and life insurance and IRAs and 401(k)s, reverse mortgages, all that and more, and the good news for you is that there’s absolutely nobody in line. And all you have to do is pick up the phone and you don’t even have to use your real name, so you can use Daphne, or Jack, or whatever you want to do and pick up the phone, and what’s those numbers?

844-220-0965. 844-220-0965, and you can text us from your mobile device. Send a short text to the number 21232. 21232, and if you’re so inclined and you want your voice to be heard you can use the new <Inaudible> open mike, and you’ll find that on the app. Okay? Again, 844-220-0965. We’d love to hear from you. One of the things we’re going to talk about this week is sickness, health, and debt. Judi!

Yes?

Am I responsible for my spouse’s debts?

Well, it depends. That’s the short answer, but the longer answer is there’s four important factors when you decide to get married and join all those wonderful things together, and perhaps a debt isn’t one of the things you want to join. So one important aspect of this is when the debt was incurred, so you’re not responsible for any debt that your spouse incurred prior to marriage, unless you are the joint owner, of course, because a lot of people before they marry, they might buy a property, and if you are on the note of that property —

Everything that you’ve signed on, even though you may not have been married, but you signed on the note, and that’s your stuff.

Correct. You are responsible. If you did not, you are not responsible, but one of the important aspects of all this is you should have a very frank conversation prior to getting married about debt. One of the things that comes up of course with younger people is student loan debt, credit card debt, so you should be very aware of what your future partner might have in that respect, and that agenda. Your state of residence, believe it or not, is important, because there are community property states.

Mmhmm. And we are not one.

And we are not one, no, but they have a lot of different rules, so it is very important that you know the rules of your state and probably that you see either a financial planner in deciding this, who’s responsible for debt, or a family law attorney–

Right, right. Speaking of debt, you and I and the other planners a little while back were talking about the — what they call the filial laws, where you can be responsible for your parents’ long-term care in some states. You can be living down here and your parents are in some state where they have these laws and they can come after you if you haven’t paid the nursing home bill. So yes, so you want to know what’s going on.

Right, and after you’re married, if your debt is in your name alone then — and you pass away, then your spouse is not —

Not on the hook, right.

Not on the hook.

That is correct.

So there’s only–

It’s only when you jointly own, jointly own, that’s it.

Right.

Yep! We got a call here from Daphne! Hi Daphne! How’s Jack this morning, by the way? Or Marion?

Hi, good morning! Just a feared life <?>.

What’s up?

Well, I got a question. I got some things I need to do on the house, replace AC in there, you know, just some upgrades and pay a couple of credit card bills, so I do have a VA loan and my question is should I do a VA loan with a cash out or should I <Inaudible> like the equity loan, or is there something else I can do that would be the best way to do it–

Well–

Or would be a–

Well, you can use your VA. You’re going to get a good rate, lock that down because we’re looking at historically low interest rates that we’re never going to see again probably in our lifetime, not a bad idea. You’ll be paying that lower interest rate for a period of 30 years but that’s okay because you’re putting it in your house. If you use an equity line, you’re going to get a low interest rate, but that usually has a shorter fuse to it, and what you want to be careful there with some of the equity lines you– they’ll just let you just pay interest, and then you have a balloon that would be staring you in the face, you don’t want to do that.

How much money are we talking about?

How much money are we talking about here, Daphne?

I <Inaudible> about $20,000.

$20,000? $20,000?

Yeah.

I would get a quote both ways and see what you could handle from a cash flow standpoint.

Okay.

Yeah.

Because I don’t want to be paying it, because I don’t know what fees are at malls and I don’t want to be paying too much fees if I do that VA with a cash out.

Right.

And if I have <Inaudible> now, I feel like I’m going to end up losing out.

Oh yeah, if you’re going to sell the house, if you’re going to sell the house, yep, in the short-term.

How old are you?

I am 47.

Okay. Right. Do you have a 401(k) at work?

I just started one.

Just started one. Okay. Because I was going to suggest that another option might be to borrow from your 401(k) but it–

No, I just started it, almost a year.

Okay.

You’re not talking about a big amount of money here, I think either one will work for you, just be sure that you pay it off and if you’re going to use the credit line–

Yeah.

–balloon, you could do a VA, but if you’re not going to stay in the house — if you’re planning on moving it sounds like it?

I don’t plan on, you know, moving out, but you know, you never know what comes up, and I already have a kid in college, and I got a daughter who’s going to graduate now from high school, so–

Uh huh.

We’ve been tossing around, should we go smaller, or should we stay, but I do need to do some improvements with that. I’m the original owner, I’ve been here over 13 years and now little things starting to pop up here and there.

Yep. Well, git-r-done because the longer you wait the more expensive it gets to fix it.

Yeah, okay, appreciate it.

Alright, thanks for the call.

Thank you!

And you can have that line, the telephone number is 844-220-0965. It’s a quarter past 9, 9:15, and Dave Wahl in at the News Center, he’ll be joining us in five minutes with the three big things you need to know about. One, I’m sure of gaining this election, and I’ve got to hear, are we going to get a cooldown? Ooo, that would be nice.

That’d be lovely.

This morning, beautiful. 844-220-0965.

We are calling from John in Brevard. Good morning, John!

Hello!

Thanks for calling; how can we help you?

Yeah, I was asking a question about reverse mortgage.

Okay?

I’m 62.

All right?

And if I get the reverse mortgage and plan on staying in the home for 10 years will I know when I originate the loan, how much I’ll owe at the end?

Not necessarily. You’re going to have– one of the features of a reverse mortgage today is some of them are using the variable rate, and if you have a variable rate, of course you don’t know what interest rates are going to be. It’s a function, too, of how much you withdraw. You know, with a reverse mortgage you could take the money out in a lump sum. You can take it out on a monthly check or periodic check, or you can take it out as needed. However, I would contact on one of the reverse mortgage companies and talk about the options that you have, and then look at what the potential liability is.

Because you are not actually going to have to owe something at the end, when you do a reverse mortgage, when you no longer live in your home, then whoever gave you that mortgage is going to sell your home and cover whatever the liability is, and if there’s anything left from that–

Well, actually, you’ll sell the home, and you’ll have to pay off the mortgage.

But.

Yeah. The reverse mortgage–

But.

Go ahead.

Or if he dies–

Well, I was going to — with a reverse mortgage, I thought that at 62 I’d get about half of what the house is valued. Is that true?

That’s not true. No, that is not true.

Not true?

I think you really have to go, as Joe said, to somebody who specializes in reverse mortgages and sit down with them. They can give you a lot more guidance on what you’re trying to accomplish.

And you can go online, there’s some reverse mortgage calculators. It’s a function of the value of your home, it’s a function of your county in which you live, and it’s a function of your age. And that’s– it’ll tell you how much you’re eligible for. But you won’t get 50% of your equity.

Okay, because like I said the house is worth about 220 and I owe about 60, that’s what I was trying to do figures of, if I could pay off the mortgage–

You probably– my guess is you could probably pay off the mortgage, and have no payments for the rest of your life.

Okay. All right. Thank you very much!

Thanks for the call, John!

Thank you!

Okay.

No problem.

Got another call coming in here from Jim in Sanford! Good morning, Jim!

Hey, good morning!

Thank you for calling!

I wanted to ask–

Sure, sure.

I usually call and I was the one that said, like, going to a doctor, which one, when there’s four names on the wall, you know?

Haha.

You know, who do you pick? Everybody’s going to want to pick you, but here’s my question. I need to come see you. I’ve hesitated for 10 years and I’m telling everybody out there, go do it, you know. Because you wake up, like you said, and then what am I going to do? But here’s my question. You said one time a couple of weeks ago, you said if you have $100,000 and you invest it you can consider 5%, correct?

No, I’m not sure where you’re coming from. No?

Probably not. We try not to make those types of assumptions. You know–

I know things go up, but I’m saying, somebody, if I had $800,000, you said for every $100,000 you can–

Are you talking about a withdrawal rate? If there’s a rule of thumb–

Right, right.

There’s a rule of thumb in our profession that if you limit your withdrawals on your capital to 4%, maybe 5% per year, you shouldn’t run out of money, but you know, it’s all a function of when you start drawing that money. If you start drawing that money in a down market that rule doesn’t necessarily apply.

Yeah, they answered that–

Well, I understand things go up and things go down but I’m saying I’m at the point where I need to put the money in something and just– I want to live off it.

Sure.

So you have things that you’re not going to get in a CD, and a lot of people think that’s the way to go, but it’s not. So it’s a pretty well– you can do that, though, correct?

Well, of course, yes, but I think it’s really important you said you need to come and talk to somebody, I think that’s very important because there are a lot of options available that you could put 100,000 in and get some level of stream of income from it, maybe not 5% but there are some things that you might be able to do, so you need to sit down with someone so they can take into consideration all of your other financial resources, what you want to accomplish, your life expectancy, there’s just a lot of factors that go into helping somebody determine how best to use the financial resources they have to cover the expenses that you have and the lifestyle that you have.

But what I’m asking is the principal will sort of stay there, correct? In other words it could go down, but I mean, they just take off the profits and send you a check? That’s what I don’t understand.

Well, again, it really depends on what type of an investment vehicle you choose to put the 100,000 in.

This is where a planner comes in to help guide you. Depends on what your need is for median <?> income, how much you have a need for growth, depends on your age, how aggressive, how conservatively you can invest. There’s all kinds of options on there and there is no one size fits all.

How do folks get ahold of the Certified Financial Group if they wanted to do a sit-down?

You can call us at 407-869-9800. You can go online to financialgroup.com, and there’s a link to request a complimentary consultation. Our first meetings are always complimentary and that’s our opportunity to get to know you and for you to get to know us.

All right.

Watch it now!

9:26 on WDBO. We’ll get back to Dave Wahl in the News Center coming up shortly in about five minutes from now. Don’t forget, if you’re looking to do something today it’s the 46th Annual Fall Fiesta in the park at Lake Iola in downtown Orlando. Yeah! Amazing weather today. Don’t forget they got a free kids’ area that’s down there, over 200 original artists and crafter booths, tons of tasty food, live entertainment down at the amphitheatre. That’s going on today, tomorrow from 10:00 till 5:00, and guess what, it’s free! It’s free!

In the studio, Joe Bert, and also Judi Sanborn from the Certified Financial Group.

All right, we’ve got a call coming in on line four from Ed. Good morning, Ed!

Hey, good morning, Joe, how are you?

All right, where you calling from, Ed?

Tampa.

Tampa! Hold it, are you in your car?

Yes sir.

Wow, we got a pretty good signal out there. Okay, how can we help you?

Okay so I have a question. How do you think you move from another state to Florida and I bought a business in Florida. I own the property under my personal name in Georgia. I’m sorry. Okay. And that house is underwater. If anything happens to me, do the collectors come to my business?

Um…possibly!

That’s a tough question.

How do you own your business?

It’s business that’s owned by me and my wife.

All right, do you own it as tenancy by the entirety, or is it joint tenancy with right of survivorship?

Sounds that’s a term I don’t understand but it’s–

Okay.

So <Inaudible> underlying mine and my wife’s name.

Okay.

Your name’s not– it’s not an S corp, a C corp, it’s not a corporation.

It’s a C corp.

It’s a C corp.

It’s a C corp.

Okay.

Okay.

First thing I would do is I would see an attorney, because if you may want to put this– and I’m not sure this is going to work, but I would tell you if you had the corporation set up as tenancy by the entirety before — Are you having any claims, anybody making any claims on you yet, for the house <Inaudible>

No no no–

Okay.

Nothing happened–

All right. So. Sorry. So we’re — You might be able to pull this off. I think what you want to do is go see your attorney and change the ownership to what’s called tenancy by the entirety. And the benefits of that is if you get sued, they can’t get property that’s been held in tenancy by the entirety unless you and your wife are in the note on the house in Georgia.

Okay.

Okay?

And I would see an attorney. I’m not an attorney, but that’s what I would recommend that you do.

All right, Ed. Thank you, sir. And–

Thank you for the call.

And we’ve got John in the villages, and we’ve got Mariana, and we’ve got Joe and Carl’s up next, from Flagler County. Boy, we have a–

Yeah.

But first, let me give you the telephone number if you’d like to join us. It’s 844-220-0965. 844-220-0965. Or text us at 21232. It’s because the Certified Financial Group is planning tomorrow–

Today!

It’s an Ask the Experts Saturday Morning on WDBO and a glorious morning it is! Rise and shine! This is On the Money, brought to you by the Certified Financial Group. They’re Orlando’s oldest and largest — hold it, that was my fault. Try that again.

Independent. Independent.

Independent.

Orlando’s oldest and largest–

Independent.

Independent firm of certified financial planning professionals and there’s a good reason that we stress the word independent, right Joe?

Exactly. We have no house products, we don’t have any agenda, we are independent, be able to pick and choose what we think are the best options for our client, so come on by, give us a call, financialgroup.com is how we can find us.

All right, let’s see, we got Carl from Flagler.

Yeah, Carl!

Carl, what’s going on?

You’ve been very patient. Thank you, Carl!

Thanks for calling.

Morning.

How can we help you?

Morning. Yes, I’ve been advised in the past about Roth conversions, against them, because of potential government interference in Roth coming up, and now I understand that government is now requiring a change on all IRAs to go to managed accounts next year. Can you–

Whoa whoa whoa whoa whoa!

I have to tell you, and our listeners as well, is that I am always amazed that what is out there about government intervention and these changes that really probably are–

Bogus.

Bogus.

There’s nothing– Carl, to put your mind at ease, there’s nothing out there that’s going to mandate managed accounts from the government.

I think the more important thing for people to understand about Roth conversions is the tax implications of Roth conversions, and sometimes people don’t really realize that, that if you are going to convert the traditional IRA to Reverse a traditional IRA to a Roth. Whatever amount you convert is first subject to ordinary income tax, and then you can put it into the Roth. So you have to —

Right, right.

So you have to be really mindful of that.

And a Roth conversion oftentimes does not make sense. I want you to go to Google and Google an article that I wrote for Kiplinger sometime back. It’s called Roth, a Wolf in Sheep’s Clothing. Roth, a Wolf in Sheep’s Clothing. And <Inaudible> Roth, a Wolf, in Sheep’s Clothing. And it’ll tell you why you may not want to convert your traditional IRA or 401(k) to a Roth.

Okay. And <Inaudible>

But what you’ve heard about these managed accounts from the government is not true. It’s all kinds of stuff on the Internet, but you can’t believe —

No, no, this is <Inaudible>

Some newsletter <Inaudible>

Your broker.

I get this from my broker, Merrill Lynch, and they’re converting and requiring that, effective April of next year.

Oh <Inaudible> something different here.

The DOL rule.

Oh, okay.

What you’re talking <Inaudible>

This is a ruling out of one of the agencies <Inaudible>

Okay, right.

That is —

It requires IRAs to be in managed accounts.

That’s —

To keep people from bogus amounts of commissions on things.

That’s different, because — why didn’t you just <?> say that the government was going to mandate they’re going to be managing the accounts. No, you’re right. The brokerage firms now have to get rigid <?>. They’re getting away from the commission business and they’re trying to convert their commission accounts into what we’ve been doing for over 25 years, and that’s what we call a managed account where we don’t charge a commission, we provide our services for a fee, and that’s where they’re going.

Yes.

Yes, that is correct.

That is correct. I just wanted to confirm that, because when the broker tells you that’s it, but not all brokers are doing it right away. They’re — apparently there’s some — some of them are going to try to edge out of it or edge into it.

Well, it’s supposed to take effect in April of next year, but that assumes that the administration doesn’t change and the whole thing could be out the window. But I wouldn’t —

I agree <?> —

What we’re talking about here, and this is converting a pre-tax 401(k) or IRA to a Roth, that’s a little bit different decision. You can keep it in your IRA and not convert it and still have a managed account that Merrill Lynch wants to charge you for.

Right. Okay. And the conversions basically are only a tax consideration, then?

Yes. To convert, yes, it is. And look at that article. That’ll be a big help to you.

I will, I will.

Okay.

Thank you so much.

Okay, thanks for the call.

Thank you.

Alright, let me give you the numbers. It’s 844-220-0965 or text us at 21232. Line five we have Jon from the villages. Hello, John. How can we help you?

Hey, how are you?

Great, how are you?

Good, good.

Good.

Listen, my question is this. Five years ago, I got a HARP loan because of the low interest rate and my payments went up so the term on it was 10 years. The home will be paid off in five. But we’re having a lot of medical issues and we need extra cash, and the question is can I redo the HARP loan at that rate, the low rate, and set it up for like 20 years so my payments could drop to help us out in this situation?

Well, you can’t do another HARP, but you can perhaps re-fi.

Okay.

Have you talked to a mortgage broker?

I did the other day, but they really — all kind of applications going, but I’m just confused and I forgot about asking a mortgage broker about this HARP thing. Could I redo it and forget about —

You can’t re-fi more than once under HARP.

Oh, okay.

Unless you did the original HARP between March and May of 2009, there’s a small window for whatever reason. The government didn’t figure this out. But if you have a HARP — if your initial HARP was because March and May of 2009 you can do another HARP. But if you didn’t do that, you could probably re-fi your HARP if you — particularly through — you’ve got some equity in the house, you may want to look at that.

Okay. Alright, that’s my question. Thank you.

Alright, thanks for the call.

Thank you.

Alright, good luck to you, Jon in the villages. We’re hearing from people all over the state.

We are.

The number again, 844-220-0965, 844-220-0965.

Got a call in from James in Brevard. Hi James, how can we help you?

Hi, how are you?

Good.

I have a question. I have a deferred comp through Nationwide and I was kind of concerned because my dad said something to me about it. And I was wondering if I should keep it or if I should stop investing into it. I already have the FRS for the state because I work for the county here, so I wasn’t sure what I should do to be able to set myself up <Inaudible>

Well, let me ask you why you’re concerned.

Because in the end with how much I’m investing right now they said that if things stay the way they are now, that I’m only going to end up with a couple hundred thousand. So —

Is your deferred comp a 457 plan?

Yes, a 457(b).

Okay, yeah <Inaudible> So, what you’re saying is that you feel that you’re not going to have as much money putting in the 457 as opposed to putting it in something else?

I don’t know. <Inaudible> I’m new to this. I’m only 33. I’ve been here for 10 years and I want to make a difference.

Got it, got it. James, let me tell you what you want to do. You want to max out your contribution to that 457 plan. Get as much as you can in there. You can put in $18,000 at your age. And you want to be aggressive at your age. And you get a tax deduction for the money that goes, it’s not taxable to you, it’ll grow without being taxed. There’s nothing wrong with the 457 in the deferred comp plan. Do it.

Okay.

Yeah. Do it.

Okay.

And —

That’s why I kind of got into it at first because I talked to the Nationwide representative, so that’s —

Yeah, that’s what you —

Alright, I will —

That’s what you need to do, and I guarantee you, I can guarantee you, if you will max out your contribution to your 457 plan, when it comes time for you to retire in 25, 30 years, you’re going to be in the top 1% of the people who are retiring at your age. I guarantee you. You’re starting young and you’ve got time on your side. Do it.

Alright, I will do. Thank you.

Alright. Thanks for the call.

Alright. Interesting call.

Yeah, people — I’ve been <Inaudible> what we say in our commercials, right Judi? People were not educated in this stuff.

Right, exactly.

And now we’re getting thrown into the workforce and now we have to make decisions and then we hear from our coworkers, from our brother-in-law, from our neighbors, you ought to do this, you ought to do that, and you’re chasing your tail and you don’t do anything or you do the wrong thing or whatever.

And for young people like James, oftentimes they aren’t aggressive enough in their allocation.

Yes.

Because they lack the knowledge.

Yes.

So they’re fearful of it and that’s a major issue. I actually had a young person, 20 — in her 20s — who’s part of a group that I work with, and when she signed up for her SIMPLE IRA plan she signed up as moderately conservative.

Whoa.

So I went back and talked to her about that and part of it was she just really did not understand that she had a long time horizon and she had a long time to weather the cycles in the market. And that is something that young people in their 20s really need to be aware of. If they’re going to participate — and even in their 30s — in an employer-sponsored plan or set up their own IRA, that they can afford to be aggressive.

You ought to be as aggressive as you can be, because you have an asset that we no longer have, and that’s time. Time is the great healer. Time will leach the volatility out of your portfolio. And you want — and actually, when you’re doing what you’re doing in a 457 or a 401(k) or a 403(b), you’re dollar cost averaging.

Right.

So you’re putting money in, when the market goes down it’s actually good news for you because you’re buying more and more shares and that market is down. Put the money in, don’t look at it for 25 or 30 years, and you’ll be a millionaire many times over. But many people don’t do that. They get scared, they want to be very conservative because they want to get that statement, they want to see that they’re not losing any money or they run to the money market account the first time they hear that something’s going on in the market, and —

Tell us what you really think, Joe.

Well, we see it all the time, and it gets back to —

We do.

Well, it’s discouraging because we see millions upon millions of people — we don’t see them in our office, but I know it’s going on out there, that we’re just not educated as to how to save and invest for our futures.

And let me add on top of that, I heard Clark Howard say the other day that credit card debt is staggering, it’s like almost $16,000 average. That’s outrageous. How can you save?

Well <Inaudible> it gets back to the immediate gratification that we have and why what’s going on out there.

Right, right, yes. And a lot of times with young people they look at their parents, who are pretty well-established, and they don’t recognize that it took their parents a long time to get there. That didn’t happen overnight. So we have a generation of young people who are very impatient, and they want things to happen immediately, and that includes they want to have a big nest egg immediately. So it’s important that they look at also what does it take? Somebody like James, I commend him, he’s looking at that, he’s saying how can I build my retirement fund, and what do I have to do. So the other aspect of that with young people with the impatient side of it is changing jobs. A lot of times young people change jobs and not necessarily because it benefits them.

Exactly. I’ve got a call here on line one. Is that <?> Christina in Volusia.

Yes, hello, good morning.

Good morning, Christina, how can we help you?

Yes, so I have a refinance question.

Alright.

My husband and I, we purchased a home three years ago. It was a short sale <?>. Got a steal. We financed <Inaudible> into this house.

Okay.

<Inaudible> so we took — we had some things we had to do for the house recently, so we pulled out a HELOC, and we had the house appraised. It was appraised at 195. So we had all this equity, so we took about 40,000 out. We still have about 12 of that left. And now we’re kind of stuck with these HELOC payments and then our mortgage payments, and then we’re wondering, should we have refinanced for the cash out, should we just go ahead and refinance the whole thing?

What’s your current — what’s the interest rate of your first mortgage.

4.25.

4.25?

Yes.

And the HELOC is — what’s the HELOC?

The HELOC is 2% <?> above prime.

Okay. Yeah, I would look at refinancing the whole package. Lock it down for — if you plan to stay in there a long time, even if not I’d lock down 30 years, get the cash flow under control, lock down some big <?> interest rates, you get under 4%, and move forward. That’s what I would do.

Yeah, and do you think the interest rates would still remain low, like with the election and everything?

No, interest rates are projected to start going up at the end of the year.

Right.

Yeah.

The sooner you can do it in this interest rate environment. The interest rates aren’t going to exponentially increase overnight, but the trend is going to be that yes, they probably will increase.

So Monday morning start working on that, Christina.

Yeah, well, another question for that would be so what we’re paying right now, are we going to — are we going to be paying more money now with the — since we’re paying like — we’re paying two different payments. Would we end up paying more money if we re-fi or less?

It depends on the ultimate interest rate and how many years you take the loan out for.

Alright.

Chances are it’ll probably be very close to what you’re paying now. The problem with the HELOC, well you’re paying more than just interest on it, you’re paying principal on it.

You have to take a look at the numbers and talk to a mortgage broker. In fact, Robert Palmer <Inaudible>

2:00.

2:00. Call in at 2:00 today, Robert Palmer would be able to give you some <Inaudible>

<Inaudible> help on that, Christina.

Great idea.

Alright, Mariana, you hold on, you’re coming up next. It’s 9:50, 10 minutes until. If you’d like to join us, the number is 844-220-0965. Joe Bert and Judi Sanborn are both certified financial planning pros with the Certified Financial Group, and what they’re doing today is helping you plan for tomorrow and today. That’s right.

<Background Noise>

It’s an Expert Saturday Morning on WDBO <sp?> with the Certified Financial Group. And Joe, you couldn’t have picked a better day, man.

<Inaudible>

Oh, man, you going down to Lake Eola <?>?

No.

No?

No.

<Inaudible>

Well, folks, if you’re looking for something to do today, the fall fiesta in the park is going on down at Lake Eola, and you can join our folks down there. We have a booth set up down there, what’s the name of that coffee place? Panera Bread.

Oh, Panera.

Panera Bread.

Right there on the corner.

And by the way, there’s a pet fiesta going on down there, too. Always welcome to bring your pets down there. Like that pet blessings today at noon. I think that’s a bow wow <?> wedding at 1:00. So if you’re down for a yappy hour down there, if you will, at Lake Eola. Joe, let’s talk to Mariana on line three. Good morning, Mariana.

Good morning <Inaudible> such a good morning, good morning. I am Mariana Sylvester. I am —

What’s going on, Mariana?

What I’m doing? I’m sitting in the house right now. Okay. I have a little problem. I have a house and a few months ago wintertime was passing through, and <Inaudible> I’m too old to go on the roof and check if everything’s alright. So after a few months I see my ceiling keeps getting wrecked <?>. It’s getting brown. And the man who’s doing the roofing was passing in my area, and I asked him if he can come and check if it’s something wrong. He said yes, you have to call your insurance. So, I called my — I make — I call my insurance and insurance proved it is a big hole in the roof. And everything gets through.

What’s the question? We’re out of time now.

Mariana, how can I help you?

Yes, the question is <Inaudible> they sent the check to him for $6,000 and right now he’s not doing anything. He’s —

Oh, uh oh. Alright, I know where this is going.

Yeah. Yeah.

Mariana, I would talk to an attorney.

Yes. Yes. This is what you need to do.

<Inaudible> 11:00.

Call Tom Olson <?> 11:00.

Mariana, you need to talk to a lawyer right away. Right away.

Yeah.

Alright, Martha, hang on, you’ll get a fine consult with Judi right after the show is over, but we’re plum out of time. Joe, if somebody wanted to get a hold of the Certified Financial Group, what’s the best way?

The best way to do that is to go to our website, financialgroup.com, and we also have a workshop coming up week after next, countdown to retirement

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